GHECOS: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
GHECOS
Largest movements
- Receivables within one year -€9,958
down €9,958 (-10.2%), from €98,015 to €88,057
of which Trade receivables: -€9,585
- Cash +€6,571
up €6,571 (+345%), from €1,905 to €8,476
mainly Net result for the year (+€28,608) and Receivables within one year (+€9,958)
- Tangible fixed assets -€3,069
down €3,069 (-52.9%), from €5,804 to €2,735
of which Plant, machinery and equipment: -€1,608
- Other debts -€30,010
down €30,010 (-39.6%), from €75,698 to €45,688
- Profit (loss) carried forward +€24,051
no longer reported in 2025 (was -€24,051)
- Reserves +€4,557
new in 2025: €4,557
- Accrued charges and deferred income -€3,312
down €3,312 (-15.3%), from €21,620 to €18,308
- Tax, wage and social debts -€2,674
down €2,674 (-16.1%), from €16,558 to €13,884
- Gross operating margin -€34,570
down €34,570 (-44.4%), from €77,773 to €43,203
- Taxes +€1,997
up €1,997 (+25.4%), from €7,866 to €9,863
- Depreciation -€1,994
down €1,994 (-39.4%), from €5,063 to €3,069
- Other operating charges -€1,478
down €1,478 (-52.5%), from €2,817 to €1,339
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €110,846 | €105,039 | -€5,807 | -5.2% |
| Fixed assets | 21/28 | €7,647 | €4,578 | -€3,069 | -40.1% |
| Tangible fixed assets | 22/27 | €5,804 | €2,735 | -€3,069 | -52.9% |
| Plant, machinery and equipment | 23 | €1,608 | - | -€1,608 | |
| Furniture and vehicles | 24 | €4,196 | €2,735 | -€1,461 | -34.8% |
| Financial fixed assets | 28 | €1,843 | €1,843 | = | 0.0% |
| Current assets | 29/58 | €103,199 | €100,461 | -€2,738 | -2.7% |
| Amounts receivable within one year | 40/41 | €98,015 | €88,057 | -€9,958 | -10.2% |
| Trade receivables | 40 | €93,306 | €83,721 | -€9,585 | -10.3% |
| Other amounts receivable | 41 | €4,709 | €4,336 | -€373 | -7.9% |
| Cash at bank and in hand | 54/58 | €1,905 | €8,476 | +€6,571 | +345% |
| Deferred charges and accrued income | 490/1 | €3,279 | €3,928 | +€649 | +19.8% |
| Total equity and liabilities | 10/49 | €110,846 | €105,039 | -€5,807 | -5.2% |
| Equity | 10/15 | -€5,451 | €23,157 | +€28,608 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | - | €4,557 | +€4,557 | |
| Distributable reserves | 133 | - | €4,557 | +€4,557 | |
| Profit (loss) carried forward | 14 | -€24,051 | - | +€24,051 | |
| Amounts payable | 17/49 | €116,297 | €81,882 | -€34,415 | -29.6% |
| Amounts payable within one year | 42/48 | €94,677 | €63,574 | -€31,103 | -32.9% |
| Trade debts | 44 | €2,421 | €4,002 | +€1,581 | +65.3% |
| Suppliers | 440/4 | €2,421 | €4,002 | +€1,581 | +65.3% |
| Taxes, remuneration and social security | 45 | €16,558 | €13,884 | -€2,674 | -16.1% |
| Taxes | 450/3 | €16,558 | €13,884 | -€2,674 | -16.1% |
| Other amounts payable | 47/48 | €75,698 | €45,688 | -€30,010 | -39.6% |
| Accrued charges and deferred income | 492/3 | €21,620 | €18,308 | -€3,312 | -15.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,063 | €3,069 | -€1,994 | -39.4% |
| Other operating charges | 640/8 | €2,817 | €1,339 | -€1,478 | -52.5% |
| Gross operating margin | 9900 | €77,773 | €43,203 | -€34,570 | -44.4% |
| Operating profit (loss) | 9901 | €69,893 | €38,795 | -€31,098 | -44.5% |
| Financial charges | 65/66B | €550 | €324 | -€226 | -41.1% |
| Recurring financial charges | 65 | €550 | €324 | -€226 | -41.1% |
| Profit (loss) for the period before taxes | 9903 | €69,343 | €38,471 | -€30,872 | -44.5% |
| Income taxes | 67/77 | €7,866 | €9,863 | +€1,997 | +25.4% |
| Profit (loss) for the period | 9904 | €61,477 | €28,608 | -€32,869 | -53.5% |
| Profit (loss) for the period to be appropriated | 9905 | €61,477 | €28,608 | -€32,869 | -53.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.